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FunFair (FUN)

$0.003821 (-6.99%)

CMC# Market Cap (USD) Volume (24hr) Circulating Supply NVTS Change (7d) Change (24h) Savings Per 1K
124 $25,024,400.00 $438,494.00 6,548,880,000 FUN 133 -6.99% -5.27% $0.27

Exchange Pair Volume (24h) Price
Binance FUN/ETH 25,541.00 0.0000212100
Binance FUN/BTC 53,305.00 0.0000004700
LATOKEN FUN/ETH 155,860.00 0.0000211600
Binance FUN/USDT 20,550.00 0.0038320000
Bitrue FUN/BTC 2,566.24 0.0000004700
OKEx FUN/BTC 2,812.99 0.0000004700
Bitrue FUN/ETH 640.53 0.0000212100
Livecoin FUN/BTC 208.04 0.0000004500
LATOKEN FUN/BTC 118,229.00 0.0000004600
HitBTC FUN/BTC 134.54 0.0000004695
Ethfinex FUN/ETH 3,501.44 0.0000215700
Ethfinex FUN/USD 1,685.53 0.0038600000
Dcoin FUN/ETH 15,163.41 0.0000210800
Coinplace FUN/BTC 2,277.52 0.0000005700
Uniswap FUN/ETH 1,093.31 0.0000214569
C2CX FUN/BTC 0.00 0.0000004900
Bittrex FUN/BTC 184.81 0.0000004900
Ethfinex FUN/BTC 156.76 0.0000004800
Gate.io FUN/USDT 0.00 0.0040550000
WazirX FUN/USDT 41.62 0.0039340000
HitBTC FUN/USD 0.04 0.0039966600
HitBTC FUN/ETH 0.00 0.0000218125
Livecoin FUN/ETH 0.00 0.0000000000
Gate.io FUN/ETH 0.00 0.0000210000
WazirX FUN/BTC 0.00 0.0000004600
Altilly FUN/DOGE 0.00 1.0000000000
ForkDelta FUN/ETH 1.07 0.0000144800

Background

FunFair is being developed by FunFair Technologies, an online casino gaming technology and development platform. The project aims to build an Ethereum-based platform that allows licensed third-party operators to build blockchain based casino games. By creating games on a public blockchain the team believes they can offer transparency and prevent cheating by casino operators or players. FunFair aims to engineer a peer-to-peer casino that removes typical casino middlemen and eliminates costly server racks, providing gamers with larger payouts when they win and reducing overhead costs for casino operators. The platform plans to support standard games, such as blackjack, slots, craps, and other games that are designed by FunFair Technologies or other third parties. Despite operating on a public network, the underlying technology is not open source, except for what is needed to make the games provably fair. FunFair plans to create value through their intellectual property, including their platform, games, and other proprietary technology while eventually making most of their project open-source without revealing the intellectual property that gives them a competitive advantage. The firm’s business model focuses on selling access to their platform through white label casino operators and licenses to affiliates that market or refer players to casinos. FunFair Technologies will not mandate third party game developers to open source their designs, except for the parts necessary to ensure provably fair gaming. FunFair (FUN) tokens power the entire FunFair platform. Players are required to use FUN to place bets and any winnings are paid out in FUN tokens by casinos. FUN tokens will be utilized to incentivize game developers, pay affiliate license fees, white label fees, game transaction fees, and any other platform services. While FunFair is currently testing their beta version and providing demo versions of their games on the FunFair website, some of their demo games are currently testable on the Ethereum test network.

Technology

FunFair focuses on provably fair gaming by pre-committing encrypted entropy (measure of true randomness) to the blockchain and revealing it after a game has completed, proving the fairness of the random number generator. Using this process along with game rules coded into smart contracts the team believes games, and their outcomes, can be proven to be fair. FUN tokens are used to power the smart contracts which run the platform and FunFair’s unique random number generator. The team believes that their unique approach to random number generators can allow for a wider range of games on the platform compared to oracle or block hash models. FunFair is developing a proprietary innovation called “fate channels”, which are a modified version of state channels. Fate channels will commit partial seeds from a random number generator to the blockchain before the start of a gaming session. Funds are committed and locked in a smart contract in advance, and all transactions between parties are progressively signed. The final state is sent back to the Ethereum blockchain and verified so that all parties agree on the outcome, thereby allowing the respective parties to withdraw their funds. Fate channels are based on the work done by state channels, similar to Bitcoin’s lightning network, allowing participants to engage in a rapid back-and-forth countersigning of updated “claims” on escrowed funds. Fate channels can enable a fast, low-cost method for random number generation, starting and ending gaming sessions and finally settling sessions with smart contracts on the blockchain. Because only the final state is added to the Ethereum blockchain this scheme can reduce transaction fees (gas) and ensure that both parties involved in a game session behave fairly by requiring co-signing state transitions. Interactions between a casino and the players will predominantly be off-chain, including execution of the smart contracts, unless there is a dispute which will then require execution being sent on-chain to the Ethereum blockchain. FUN tokens will be used by players to bet or play games within the online casino. Game developers and casino affiliates are rewarded in FUN and all fees will be paid in FUN. Any FUN tokens used for game transaction or fate channel fees may be burned for the first two years of operations, although this has not been confirmed by FunFair because some regulators have stated they would classify this as a form of dividend. FunFair will be a browser based online gaming platform utilizing HTML5 and WebGL standards on both mobile devices and desktop computers. Casinos will not control any players funds, instead player always control their funds and place bets directly from their wallet. This will allow players to cash out whenever they want and ensure that they always maintain complete control over their winnings.



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